The pandemic has impacted the global economy too much. Today China is trading more goods with Europe than the US. In February 2021, the European Union statistics released data about trading with the countries China and the US. It has shown that the European Union import from China is increased by 5.6% and export is increased by 2.2% in 2020.
Apart from this, the trade of goods with the US is decreased in 2020. The import of Europe from the US is declined by 13.2% and export declined by 8.2% in 2020. COVID-19 pandemic has affected the economy of both countries. In 2020, the total value of the European Union and China goods trade was $706 billion which is around $37 billion more than the trade between European Union and the US. The overall economy of china was expanded by 2.3% in 2020 since it was in the race to rebound from the pandemic of COVID-19. Besides, the economy of the US was plunging by 3.5% last year.
While this European Union, statistics shows only about the trade in goods. The transatlantic trade between Europe and the US is much stronger than Europe and China. However, the US and Europe relationship are very strong in trade. The European Union will continue to export much more to the US as compared to China, which will generate a consequential number of jobs. The transatlantic trade data does not take into account which is worth around $595 billion in a year. The changes in the trade dynamic might complicate Joe Biden’s efforts to re-establish the relationship with allies and build a global partnership to hold China to account. Thus, the switch of the goods trade doesn’t mean that China commands globally.
